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Lowe's Net Rises
At a Slower Pace
Than Expected

By

Chad Terhune Staff Reporter of THE WALL STREET JOURNAL

Updated Aug. 17, 2004 12:01 a.m. ET

Lowe's Cos. reported a smaller-than-expected 18% rise in its fiscal second-quarter net income, hurt by a midsummer sales slowdown and weather that was unusually cool and wet in some parts of the U.S. But the country's second-largest home-improvement retailer said sales have rebounded since mid-July, despite recent weakness in economic growth.

Net for the Mooresville, N.C., company reached $704 million, or 89 cents a share, in the quarter ended July 30, up from $597 million, or 75 cents a share, a year earlier. Analysts...